Korean Banks Participate in Government-Initiated Blockchain Project

Asia Blockchain Review
November 2, 2019
Korean Banks Participate in Government-Initiated Blockchain Project

Another four large institutions in South Korea have announced that they will be joining a government-backed blockchain project that will let users store and share personal identification data using a decentralized platform.

More Support for Blockchain Identification System

According to CoinDesk, Shinhan Bank, NH Bank, as well as payment processors BC Card and Hyundai Card are now participating in the program.

Previously announced in July 2019, the project is called the Initial DID Association and now has a total of 11 organizations joining its initiative — including mobile service providers SK Telecom, KT and LG U+; IT firm Koscom; and major firms Samsung Electronics, KEB Hana Bank, and Woori Bank.

The blockchain project is supported by Korea’s Ministry of Science and ICT and the Korea Internet & Security Agency (KISA). It aims to develop a system where users can access their ID stored on blockchain for online transactions and to verify credentials.

Exploring Uses for Decentralized Technology

The project will initially be utilized to process certificates at six Korean higher educational institutions and for test scores. Then, the blockchain ID initiative will be used for loan application submissions, with the overall system to be fully operational in 2020.

In South Korea, many private and public organizations are experimenting with decentralized technology and exploring use cases for blockchain. Recently, the Korea Financial Telecommunications and Clearings Institute (KFTC), an organization overseeing payment settlements, revealed that it aims to introduce its own blockchain-enabled mobile ID solution to be operational within October 2019.

Source: https://www.coindesk.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain Enables Verification of COVID-19 Immunity
Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

November 21, 2020

Illicit Cryptocurrency Activity: A Concern
Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

November 20, 2020

IBM Using Blockchain to Help Businesses Reopen during COVID-19
IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

November 20, 2020

Canadian Pacific Railway Collaborates with TradeLens
Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

November 19, 2020

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us